Reporting and Recordkeeping Requirements Associated with Regulation KK
No material or nonsubstantive change to a currently approved collection
No
Delegated
Approved without change
08/28/2020
08/28/2020
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
08/31/2020
08/31/2020
08/31/2020
51,662
0
63,002
71,313
0
86,964
0
0
0
The Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Farm Credit Administration (FCA), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) adopted a joint final rule that implemented sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the agencies to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared. This final rule created reporting and recordkeeping requirements. The Board accounts for any state member bank, bank holding company, savings and loan holding company, foreign banking organization, foreign bank that does not operate an insured branch, state branch or state agency of a foreign bank, or Edge or agreement corporation that is registered as a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant.
The Board adopted a final rule that implemented section 716 of the Dodd-Frank Act. Regulation KK treats an uninsured U.S. branch or agency of a foreign bank as an insured depository institution for purposes of section 716 of the Dodd-Frank Act and establishes a process by which a state member bank or uninsured state branch or agency of a foreign bank may request a transition period to conform its swaps activities to the Dodd-Frank Act. This final rule created reporting requirements.
US Code:
15 USC 8305(f)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
7 USC 6s
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 78o-10
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
7 USC 1a(39)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FRKK_20200828_83c.pdf
Recordkeeping Section 237.11(b)(1)